<PAGE> 1
PORTFOLIO DIRECTOR
SEPARATE ACCOUNT A
SUPPLEMENT ISSUED JULY 27, 1999 TO PROSPECTUS
DATED MAY 1, 1999
This Supplement incorporates certain information provided in a previous
supplement dated July 12, 1999.
SUMMARY
For AGSPC Stock Index Fund, AGSPC MidCap Index Fund and AGSPC Small Cap Index
Fund
Effective June 4, 1999, Bankers Trust Corporation, the parent company to
Bankers Trust Company ("Bankers Trust"), the sub-adviser to each Fund, became a
wholly-owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global
banking institution that is engaged in a wide range of financial services,
including investment management, mutual funds, retail and commercial banking,
investment banking and insurance. As a result of the foregoing transaction, on
April 20, 1999, the Board of Directors approved a new investment sub-advisory
agreement with Bankers Trust. The new sub-advisory agreement is identical to the
current agreement with Bankers Trust except for the effective date.
On July 27, 1999, the Board of Directors approved the termination of
Bankers Trust as a sub-adviser to each Fund. VALIC expects to re-assume direct
management of each Fund's investment portfolio on October 1, 1999.
For AGSPC Growth Fund
On July 27, 1999, the Board of Directors approved the termination of T.
Rowe Price Associates, Inc. as sub-adviser to the Fund and approved the
appointment of Wellington Management Company, LLP ("Wellington Management"), as
sub-adviser to the Fund, effective September 1, 1999. At such time, the
investment objective of the Fund will be changed from long-term growth of
capital through investment primarily in common stocks of U.S. growth companies
engaged in service-related activities to that of long-term growth of capital
through investment primarily in equity securities. The name of the Fund may
change upon Wellington Management's assumption of management responsibilities.
FEES AND CHARGES - EXCEPTION TO SURRENDER CHARGE
We may, at our option, waive any otherwise applicable surrender charge if
you reinvest the surrender proceeds in another VALIC insurance product. You
will, however, be subject to a surrender charge in the newly acquired product
under the same terms and conditions as the original product. For purposes of
calculating any surrender charge due, you will be considered to have acquired
the new product as of the date you acquired the original product.
VA 9084-B
<PAGE> 2
PORTFOLIO DIRECTOR 2
SEPARATE ACCOUNT A
FOR SERIES 2.1-2.12, SERIES 2.1.20-2.12.20, AND SERIES 2.1.40-2.12.40
SUPPLEMENT ISSUED JULY 27, 1999 TO PROSPECTUS
DATED MAY 1, 1999
This Supplement incorporates certain information provided in a previous
supplement dated July 12, 1999.
SUMMARY
For AGSPC Stock Index Fund
Effective June 4, 1999, Bankers Trust Corporation, the parent company to
Bankers Trust Company ("Bankers Trust"), the sub-adviser to the Fund, became a
wholly-owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global
banking institution that is engaged in a wide range of financial services,
including investment management, mutual funds, retail and commercial banking,
investment banking and insurance. As a result of the foregoing transaction, on
April 20, 1999, the Board of Directors approved a new investment sub-advisory
agreement with Bankers Trust. The new sub-advisory agreement is identical to the
current agreement with Bankers Trust except for the effective date.
On July 27, 1999, the Board of Directors approved the termination of
Bankers Trust as a sub-advisor to the Fund, VALIC, expects to re-assume direct
management of each Fund's investment portfolio on October 1, 1999.
For AGSPC Growth Fund
On July 27, 1999, the Board of Directors approved the termination of T.
Rowe Price Associates, Inc. as sub-adviser to the Fund and approved the
appointment of Wellington Management Company, LLP ("Wellington Management"), as
sub-adviser to the Fund, effective September 1, 1999. At such time, the
investment objective of the Fund will be changed from long-term growth of
capital through investment primarily in common stocks of U.S. growth companies
engaged in service-related activities to that of long-term growth of capital
through investment primarily in equity securities. The name of the Fund may
change upon Wellington Management's assumption of management responsibilities.
EXCHANGE PRIVILEGE
Contrary to information contained in the "Restrictions on Exchange
Privilege" section of this Prospectus, exchanges from Portfolio Director 2 to
Portfolio Director will be permitted.
FEES AND CHARGES -- EXCEPTIONS TO SURRENDER CHARGE
We may, at our option, waive any otherwise applicable surrender charge if
you reinvest the surrender proceeds in another VALIC insurance product. You
will, however, be subject to a surrender charge in the newly acquired product
under the same terms and conditions as the original product. For purposes of
calculating any surrender charge due, you will be considered to have acquired
the new product as of the date you acquired the original product.
VA 9875-B
<PAGE> 3
PORTFOLIO DIRECTOR PLUS
SEPARATE ACCOUNT A
FOR SERIES 1-12, SERIES 1.20-12.20, AND SERIES 1.40-12.40
SUPPLEMENT ISSUED JULY 27, 1999 TO
PROSPECTUS DATED MAY 1, 1999
This Supplement incorporates certain information provided in a previous
supplement dated July 12, 1999.
SUMMARY
For AGSPC Stock Index Fund, AGSPC MidCap Index Fund, AGSPC Small Cap Index Fund
and
American General Small Cap Value Fund
Effective June 4, 1999, Bankers Trust Corporation, the parent company to
Bankers Trust Company ("Bankers Trust"), the sub-adviser to each Fund, became a
wholly-owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global
institution that is engaged in a wide range of financial services, including
investment management, mutual funds, retail and commercial banking, investment
banking and insurance. As a result of the foregoing transaction, on April 20,
1999, the Boards of Directors/Trustees approved a new investment sub-advisory
agreement with Bankers Trust. The new sub-advisory agreement is identical to the
current agreement with Bankers Trust except for the effective date.
On July 27, 1999, the Boards of Directors/Trustees approved the termination
of Bankers Trust as a sub-adviser to each Fund. VALIC expects to re-assume
direct management of the AGSPC Stock Index Fund's, the AGSPC MidCap Index
Fund's, and the AGSPC Small Cap Index Fund's investment portfolio on October 1,
1999. With respect to the American General Small Cap Value Fund, VALIC expects
to re-assume direct management of that portion of the Fund's investment
portfolio managed by Bankers Trust on September 1, 1999.
For AGSPC Growth Fund
On July 27, 1999, the Board of Directors approved the termination of T.
Rowe Price Associates, Inc. as sub-adviser to the Fund and approved the
appointment of Wellington Management Company, LLP ("Wellington Management"), as
sub-adviser to the Fund, effective September 1, 1999. At such time, the
investment objective of the Fund will be changed from long-term growth of
capital through investment primarily in common stocks of U.S. growth companies
engaged in service-related activities to that of long-term growth of capital
through investment primarily in equity securities. The name of the Fund may
change upon Wellington Management's assumption of management responsibilities.
MAXIMUM NUMBER OF OPTIONS
Generally, your employer's plan may select up to 30 of the 53 Variable
Account Options Portfolio Director Plus offers. However, you may be subject to
further limits on how many options you may be invested in at any one time or how
many of the options you are invested in may be involved in certain transactions
at any one time.
FEES AND CHARGES -- EXCEPTIONS TO SURRENDER CHARGE
We may, at our option, waive any otherwise applicable surrender charge if
you reinvest the surrender proceeds in another VALIC insurance product. You
will, however, be subject to a surrender charge in the newly acquired product
under the same terms and conditions as the original product. For purposes of
calculating any surrender charge due, you will be considered to have acquired
the new product as of the date you acquired the original product.
VA 10855-B
<PAGE> 4
PORTFOLIO DIRECTOR T
SEPARATE ACCOUNT A
SUPPLEMENT ISSUED JULY 27, 1999 TO PROSPECTUS
DATED MAY 1, 1999
SUMMARY
For AGSPC Stock Index Fund and AGSPC Small Cap Index Fund
Effective June 4, 1999, Bankers Trust Corporation, the parent company to
Bankers Trust Company ("Bankers Trust"), the sub-adviser to each Fund, became a
wholly-owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global
banking institution that is engaged in a wide range of financial services,
including investment management, mutual funds, retail and commercial banking,
investment banking and insurance. As a result of the foregoing transaction, on
April 20, 1999, the Board of Directors approved a new investment sub-advisory
agreement with Bankers Trust. The new sub-advisory agreement is identical to the
current agreement with Bankers Trust except for the effective date.
On July 27, 1999, the Boards of Directors approved the termination of
Bankers Trust as a sub-adviser to each Fund. VALIC expects to re-assume direct
management of the AGSPC Stock Index Fund's and the AGSPC Small Cap Index Fund's
investment portfolio on October 1, 1999.
For AGSPC Growth Fund
On July 27, 1999, the Board of Directors approved the termination of T.
Rowe Price Associates, Inc. as sub-adviser to the Fund and approved the
appointment of Wellington Management Company, LLP ("Wellington Management"), as
sub-adviser to the Fund, effective September 1, 1999. At such time, the
investment objective of the Fund will be changed from long-term growth of
capital through investment primarily in common stocks of U.S. growth companies
engaged in service-related activities to that of long-term growth of capital
through investment primarily in equity securities. The name of the Fund may
change upon Wellington Management's assumption of management responsibilities.
VA 10789-A
